Increasing number of Chinese buyers in Geelong as superstitions play a part

CHINESE investment in Geelong’s property market is increasing as buyers look for the region’s affordability compared to Melbourne and the strong local economy.

But the region’s quality schools and gaining international status for Avalon Airport has also attracted the Chinese community’s attention to Geelong property.

There are other factors at play when people from the Chinese community are looking to buy property, including superstitions bringing good luck or fortune.

Carrie Law, chief executive of Chinese international real estate website Juwai.com, said the number four when spoken in Mandarin and Cantonese sounded like the word for death, so buyers often avoid properties with this number.

“It is referred to as tetraphobia. To many Chinese it’s meaningless, but everyone is aware of it, and for some it is important,” Ms Law said.

While four is bad, number eight is considered the luckiest in Chinese culture as it’s pronunciation is similar to the word meaning to “make a fortune”.

“We found that listings with a triple eight in the price receive about one-third more online views than listings with none,” Ms Law said.

Ms Law said there had been examples where developers had not included the number four in projects to improve marketability, while some buyers in late 2017 postponed their purchase until the calendar ticked over to 2018.

18 Tanunda Grove, Belmont sold for $580,000 to a local Chinese investor as no. 18 is considered lucky.

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